Tabreed Buys District Cooling Provider for Abu Dhabi Louvre
- Buys Saadiyat Cooling from Aldar Properties for $262 million
- Tabreed had also bought cooling facility from Emaar in April
Photographer: Hubert Fanthomme/Getty Images
This article is for subscribers only.
National Central Cooling Co. acquired the business that supplies chilled air to buildings on the Saadiyat Island, including Abu Dhabi’s Louvre museum and the city’s New York University campus.
The Dubai-listed company, also known as Tabreed, said it bought two Saadiyat Island district cooling plants from Aldar Properties PJSC for 963 million dirhams ($262 million). Aldar expects an internal rate of return of more than 40% on its original equity investment and said the transaction will complete in the first quarter.